Ameresco, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Unaudited Quarterly Information

Unaudited Quarterly Information

12 Months Ended

Dec. 31, 2012

Quarterly Financial Information Disclosure [Abstract]

UNAUDITED QUARTERLY INFORMATION

As discussed in Note 2, the Company is restating its historical consolidated financial statements as of and for the years ended December 31, 2011 and 2010 and unaudited quarterly information for the quarterly periods in the years ended December 31, 2011 and 2010. These restatements are the result of an error in the Company’s accounting treatment for a certain derivative transaction under ASC 815. The following tables set forth selected restated unaudited condensed consolidated statement of income data for each of the eight quarters ended December 31, 2012. Also provided below as supplementary information is selected restated unaudited condensed consolidated statement of income data for each of the four quarters ended December 31, 2010. Operating results for any quarter are not necessarily indicative of results for any future period.



	Year Ended December 31, 2012
	First Quarter							Second Quarter
	As Reported		Restatement			As Restated		As Reported		Restatement			As Restated
	(unaudited, in thousands, except share and per share data)
Net revenue	$	146,573	$	—		$	146,573	$	164,100	$	—		$	164,100
Direct expenses	117,349		—			117,349		132,942		—			132,942
Operating expenses	25,799		—			25,799		22,899		—			22,899
Total expenses	143,148		—			143,148		155,841		—			155,841
Operating income	3,425		—			3,425		8,259		—			8,259
Other expenses, net	1,338		(230		)	1,108		1,063		350			1,413
Income before provision for income taxes	2,087		230			2,317		7,196		(350		)	6,846
Income tax provision	582		—			582		2,027		—			2,027
Net income	$	1,505	$	230		$	1,735	$	5,169	$	(350	)	$	4,819
Net income per share attributable to common shareholders:
Basic	$	0.03	$	0.01		$	0.04	$	0.12	$	(0.01	)	$	0.11
Diluted	$	0.03	$	0.01		$	0.04	$	0.11	$	(0.01	)	$	0.10
Weighted average common shares outstanding:
Basic	44,145,093		44,145,093			44,145,093		44,541,025		44,541,025			44,541,025
Diluted	46,128,417		46,128,417			46,128,417		46,359,323		46,359,323			46,359,323



	Year Ended December 31, 2012
	Third Quarter							Fourth
	As Reported		Restatement			As Restated		Quarter
	(unaudited, in thousands, except share and per share data)
Net revenue	$	163,906	$	—		$	163,906	$	156,591
Direct expenses	129,104		—			129,104		123,628
Operating expenses	24,093		—			24,093		26,699
Total expenses	153,197		—			153,197		150,327
Operating income	10,709		—			10,709		6,264
Other expenses, net	1,254		59			1,313		216
Income before provision for income taxes	9,455		(59		)	9,396		6,048
Income tax provision	2,684		—			2,684		954
Net income	$	6,771	$	(59	)	$	6,712	$	5,094
Net income per share attributable to common shareholders:
Basic	$	0.15	$	—		$	0.15	$	0.11
Diluted	$	0.15	$	—		$	0.15	$	0.11
Weighted average common shares outstanding:
Basic	44,788,160		44,788,160			44,788,160		45,116,164
Diluted	46,247,239		46,247,239			46,247,239		46,508,767



	Year Ended December 31, 2011
	First Quarter							Second Quarter
	As Reported		Restatement			As Restated		As Reported		Restatement			As Restated
	(unaudited, in thousands, except share and per share data)
Net revenue	$	146,420	$	—		$	146,420	$	165,482	$	—		$	165,482
Direct expenses	118,437		—			118,437		133,330		—			133,330
Operating expenses	19,680		—			19,680		18,794		—			18,794
Total expenses	138,117		—			138,117		152,124		—			152,124
Operating income	8,303		—			8,303		13,358		—			13,358
Other expenses, net	900		(269		)	631		989		442			1,431
Income before provision for income taxes	7,403		269			7,672		12,369		(442		)	11,927
Income tax provision	2,115		—			2,115		3,537		—			3,537
Net income	$	5,288	$	269		$	5,557	$	8,832	$	(442	)	$	8,390
Net income per share attributable to common shareholders:
Basic	$	0.13	$	—		$	0.13	$	0.21	$	(0.01	)	$	0.20
Diluted	$	0.12	$	—		$	0.12	$	0.19	$	(0.01	)	$	0.18
Weighted average common shares outstanding:
Basic	41,322,276		41,322,276			41,322,276		42,367,242		42,367,242			42,367,242
Diluted	45,823,090		45,823,090			45,823,090		45,907,748		45,907,748			45,907,748



	Year Ended December 31, 2011
	Third Quarter							Fourth Quarter
	As Reported		Restatement			As Restated		As Reported		Restatement			As Restated
	(unaudited, in thousands, except share and per share data)
Net revenue	$	227,804	$	—		$	227,804	$	188,494	$	—		$	188,494
Direct expenses	187,948		—			187,948		153,439		—			153,439
Operating expenses	23,447		—			23,447		22,439		—			22,439
Total expenses	211,395		—			211,395		175,878		—			175,878
Operating income	16,409		—			16,409		12,616		—			12,616
Other expenses, net	1,360		1,336			2,696		1,943		(195		)	1,748
Income before provision for income taxes	15,049		(1,336		)	13,713		10,673		195			10,868
Income tax provision	2,690		—			2,690		2,425		—			2,425
Net income	$	12,359	$	(1,336	)	$	11,023	$	8,248	$	195		$	8,443
Net income per share attributable to common shareholders:
Basic	$	0.29	$	(0.03	)	$	0.26	$	0.19	$	—		$	0.19
Diluted	$	0.27	$	(0.03	)	$	0.24	$	0.18	$	0.01		$	0.19
Weighted average common shares outstanding:
Basic	43,116,861		43,116,861			43,116,861		43,514,982		43,514,982			43,514,982
Diluted	46,308,032		46,308,032			46,308,032		45,554,558		45,554,558			45,554,558



	Year Ended December 31, 2010
	First Quarter							Second Quarter
	As Reported		Restatement			As Restated		As Reported		Restatement			As Restated
	(unaudited, in thousands, except share and per share data)
Net revenue	$	105,629	$	—		$	105,629	$	141,355	$	—		$	141,355
Direct expenses	87,230		—			87,230		115,201		—			115,201
Operating expenses	15,836		—			15,836		14,140		—			14,140
Total expenses	103,066		—			103,066		129,341		—			129,341
Operating income	2,563		—			2,563		12,014		—			12,014
Other expenses, net	856		500			1,356		1,217		1,154			2,371
Income before provision for income taxes	1,707		(500		)	1,207		10,797		(1,154		)	9,643
Income tax provision	429		—			429		3,089		—			3,089
Net income	$	1,278	$	(500	)	$	778	$	7,708	$	(1,154	)	$	6,554
Net income per share attributable to common shareholders:
Basic	$	0.10	$	(0.04	)	$	0.06	$	0.56	$	(0.08	)	$	0.48
Diluted	$	0.03	$	(0.01	)	$	0.02	$	0.20	$	(0.03	)	$	0.17
Weighted average common shares outstanding:
Basic	13,282,284		13,282,284			13,282,284		13,742,472		13,742,472			13,742,472
Diluted	36,587,847		36,587,847			36,587,847		38,412,419		38,412,419			38,412,419



	Year Ended December 31, 2010
	Third Quarter							Fourth Quarter
	As Reported		Restatement			As Restated		As Reported		Restatement			As Restated
	(unaudited, in thousands, except share and per share data)
Net revenue	$	191,901	$	—		$	191,901	$	179,342	$	—		$	179,342
Direct expenses	157,021		—			157,021		148,073		—			148,073
Operating expenses	15,967		—			15,967		18,766		—			18,766
Total expenses	172,988		—			172,988		166,839		—			166,839
Operating income	18,913		—			18,913		12,503		—			12,503
Other expenses (income), net	2,010		741			2,751		998		(1,183		)	(185		)
Income before provision for income taxes	16,903		(741		)	16,162		11,505		1,183			12,688
Income tax provision	4,862		—			4,862		3,805		—			3,805
Net income	$	12,041	$	(741	)	$	11,300	$	7,700	$	1,183		$	8,883
Net income per share attributable to common shareholders:
Basic	$	0.35	$	(0.02	)	$	0.33	$	0.19	$	0.03		$	0.22
Diluted	$	0.28	$	(0.02	)	$	0.26	$	0.17	$	0.02		$	0.19
Weighted average common shares outstanding:
Basic	34,434,352		34,434,352			34,434,352		41,086,998		41,086,998			41,086,998
Diluted	43,445,391		43,445,391			43,445,391		46,147,728		46,147,728			46,147,728

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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